Credit Unions are not-for-profit co-operative organisations which are owned and controlled by account holders, with no outside shareholders to satisfy, providing a responsible alternative source of savings and loans accounts.
Account holders save money, there is a common pool of savings from which loans are issued at affordable interest rates. The interest on loans is used to pay the expenses of running the credit union, to put money into reserves and the remaining money is returned to account holders through an annual dividend.
Account holders are entitled to as little or much interaction with the organisation as they like. They can save or borrow money, or attend and participate at the Annual General Meetings where decisions on the direction of the Credit Union are made.
By opening an account at PCCU you are joining millions of people around the world who can access ethical saving accounts and affordable loans.
There are currently 350 Credit Unions across England, Scotland and Wales
1,238,121 account holders, including 130,659 junior depositors
Total assets of £1.32 billion
Total loans of £720 million
Total deposits of £1.13 Billion
Worldwide there are active Credit Union sectors in 103 countries with almost 57,000 credit unions
More than 208 million credit union members
Assets of almost $1.7 trillion
Loans of almost $1.1 trillion
Deposits of almost $1.4 trillion
To find out more about the credit union movement you can visit the Association of British Credit Unions’ website found here ABCUL.
ABCUL are the leading trade association for credit unions in England, Scotland and Wales.